Crunch Time [Isn't everyday ?]
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Tuesday September 15, 5:04 pm Eastern Time
Company Press Release
Tricord Systems, Inc. Receives Compliance Notice From NASDAQ
PLYMOUTH, Minn.--(BUSINESS WIRE)--Sept. 15, 1998--Tricord Systems, Inc. (Nasdaq: TRCD - news), has received notice from the Nasdaq Stock Market that the company's shares of common stock are currently not in compliance with the required minimum closing bid price of $1.00. If the company reports a closing bid price of $1.00 or greater for ten consecutive trading days by December 10, 1998, its securities will be in compliance. In the meantime, the company's common stock will continue to be traded on the Nasdaq SmallCap Market.
The company intends to pursue all procedures available to remain on the Nasdaq market, including requesting a hearing to stay any possible action in regards to compliance issues. In the event this is not successful, the company's securities will subsequently be available for trade on the OTC Bulletin Board.
''Tricord is in the start-up phase of entering the rapidly-expanding market for storage management software. My message to the investor is that this should be viewed as high risk with a potential high return. We are committed to success and appreciate the support of our shareowners,'' said John Mitcham, president and CEO.
Tricord Systems, Inc. develops and markets storage systems management software for the Windows NT(R) market. Tricord Storage Management Software (TSMS) is a powerful suite of storage management software available to OEM partners who are building the next generation of open storage systems. TSMS facilitates the transparent sharing of data on network-attached storage devices, enabling organizations to centralize data storage functions and reduce the costs associated with data management and storage. Tricord is based in Plymouth, MN USA. For more information, please call 1-800-TRICORD or 612/557-9005, or visit us at www.tricord.com.
Tricord, Tricord Storage Management Software and Network Storage Made Simple are all trademarks, registered trademarks, or service marks of Tricord Systems, Inc. All other names mentioned are trademarks, registered trademarks, or service marks of their respective companies.
''Safe-Harbor'' Statement Under Private Securities Act of 1995: The statements contained herein that are not historical facts contain forward-looking information with respect to plans, projections or future performance of the company. There is no guarantee or assurance that these plans, projections or future performance of the company as indicated will be achieved, and actual results could differ materially. Factors, certain risks and uncertainties which could impact the company's future results include, without limitation, the ability of Tricord to complete development and release commercially its storage management software products, the ability of Tricord to sign OEM partners, market acceptance of Tricord-enabled products, the ability of the company to maintain its cost structure in accordance with its operating plan, and other risks and uncertainties detailed in the company's filings with the Securities and Exchange Commission, including the company's form 10-K for fiscal 1997.
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Contact:
Tricord Systems
Jeff Stewart, 612/557-9005
or
Liz Hersey, 612/551-6609 |
